USD/CAD: Sellers Return on Trend Line Re-Test
USDCAD has turned lower once again after re-testing support-turned-resistance at a rising trend established from the mid-April low. Near-term support has been found at 1.0407, the 50% Fibonacci retracement of the 6/21-7/5 advance. Positioning does not offer an attractive trading opportunity and we will remain on the sidelines for now.
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